TORONTO, Nov. 19, 2015 /CNW/ - GPM Metals Inc. (TSXV: GPM) (the "Company" or "GPM") is pleased to announce an exploration update and initial sampling results of the Walker Gossan Project (WGP), Arnhem Land, Northern Territory, Australia.
The Project is a joint venture with Rio Tinto Exploration Pty. Ltd. (see January 27, 2014 press release of the Company available on SEDAR at www.sedar.com).
Title Deed, Work Program and Exploration Licence (EL) approval was recently granted by the Northern Land Council after a series of meetings and consultations with the Traditional Land Owners (TLO's) and GPM Metals in Numbulwar and Darwin that had been progressing since February 2014
The Project tenure is held by Rio Tinto Exploration Pty Ltd with GPM acting as the operator and manager of exploration, community relations and title grant under an Earn-In / Joint Venture Agreement subject to an agreement concluded in January, 2014.
The WGP lies within one of the great metallogenic provinces of the world, the North Australian Zinc Province (NAZP); which currently provides 30% of the world zinc production from a number of significant silver, lead, zinc deposits; including the Mt. Isa, George Fisher, McArthur River and Century Mines.
To date, the Company has flown an airborne magnetics program of 50m line space over the target area as well as an IP geophysical survey, geological mapping and completed the initial 'first pass' reconnaissance soil sampling of the primary area of historical interest at the southern portion on EL 24305. The target area on EL 24305 was identified in 1972 and had been held under continual exploration licence application (ELA) by Rio Tinto since that time.
The exploration target is a large, strata bound, sediment hosted lead – zinc deposit. Initial soil and rock sampling results have demonstrated a Pb-Zn mineralization over a 3km length at surface.
Soil results have defined a continuous 3km X 500m corridor of anomalous lead, including a 1400m long contour of plus 500ppm Pb with a maximum of 2800ppm. Rock chips have confirmed the soil results with values as high as 1.8% lead.
The initial assessment of the results of the IP survey confirm elevated chargeability associated with the targeted mineralized zone. These results are currently being interpreted, compiled and integrated into the Company data base to design a drilling program for 2016.
Patrick Sheridan, CEO of GPM Metals Inc. states that "These initial results confirm our belief the WGP may possibly represent a district target of major significance."
A systematic soil sampling programme was undertaken on E-W lines. The soil sampling programme comprised 767 soil samples which included broad spaced soil sampling as well as targeted close spaced sampling. Rock chip sampling was conducted in conjunction with close spaced soils and on select samples. A total of 64 rock chip samples were taken.
The highest soil assay result is 2800ppm Pb .The results have been contoured at 50, 100 and 500 ppm Pb as shown in Figure 2..
The samples comprised ~ 200g of minus 2mm sieved B horizon soils which were submitted to ALS Laboratories for multi element analysis by Method ME-ICP41. This involved an aqua regia digest with analysis by inductively coupled plasma – atomic emission spectroscopy.
Rock chip samples (64) were submitted to ALS Laboratories for multi element analysis by ME-ICP61 which involves a four acid digest with analysis by inductively coupled plasma – atomic emission spectroscopy.
The highest lead assay was 1.8% Pb in sample 72851. Four other samples assayed above 1% Pb. Of the 44 samples 18 assayed above 0.5% Pb. These are displayed in Fig. 3.
The tabulated assay data and maps will be posted on the GPM Metals web site http://www.gpmmetals.ca/australia/
ABOUT GPM METALS INC.
GPM Metals Inc. focuses on acquiring and exploring district scale exploration properties. The Company is currently conducting exploration programs on 3 district scale projects in stable jurisdictions.
Walker Gossan Project, Northern Territory, Australia – Pb-Zn-Ag
Sandy Lake Project, Ontario, Canada – Gold
Pasco Project, Pasco Province, Peru – Pb-Zn-Ag
All scientific and technical information in this press release has been prepared under the supervision of Dan Noone, (Vice President Exploration and a Director of GPM), a "qualified person" within the meaning of National Instrument 43-101. Mr. Noone (B.Sc Geology, MBA) is a member of the Australian Institute of Geoscientists.
Forward Looking Statements
This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "might", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information and/or statements. Forward-looking statements and/or information are based on a number of material factors, expectations and/or assumptions of GPM which have been used to develop such statements and/or information but which may prove to be incorrect. Although GPM believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements as GPM can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: results from planned exploration and drilling activities; GPM's future plans for operational expenditures; the accuracy of the interpretations of exploration and drilling activity results; availability of financing to fund current and future plans and expenditures; the impact of increasing competition; the general stability of the economic and political environment in which GPM has property interests; the general continuance of current industry conditions; aboriginal matters; the timely receipt of any required regulatory approvals; the ability of GPM to obtain qualified staff, equipment and/or services in a timely and cost efficient manner; the ability of the operator of each project in which GPM has property interests to operate in a safe, efficient and/or effective manner and to fulfill its respective obligations and current plans; future commodity prices; currency, exchange and/or interest rates; and the regulatory framework regarding royalties, taxes and/or environmental matters in the jurisdictions in which GPM has property interests. The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and/or statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results and/or events to differ materially from those anticipated in such forward-looking information and/or statements including, without limitation: risks associated with the uncertainty of exploration results and estimates, currency fluctuations, the uncertainty of conducting operations under a foreign regime, exploration risk, the uncertainty of obtaining all applicable regulatory approvals, the availability of labour and/or equipment, the fluctuating prices of commodities, the availability of financing and GPM's dependence on its management personnel, other participants in the property areas and/or certain other risks detailed from time-to-time in GPM's public disclosure documents, (including, without limitation, those risks identified in this news release and GPM's current management's discussion and analysis). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligations to publicly update and/or revise any of the included forward-looking statements, whether as a result of additional information, future events and/or otherwise, except as may be required by applicable securities laws.
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SOURCE GPM Metals Inc.
For further information: GPM Metals Inc.: Att: John Patrick Sheridan, CEO, Suite 1205 - 141 Adelaide Street West, Toronto, Ontario M5H 3L5, Telephone : (416) 628-5904, Telefax : (416) 628-6835, Email: [email protected]